Here we discuss five aspects of life that make the whole person—faith, fitness, finances, fun, and of course, love. Today I want to discuss being financially whole and what that looks like.
Of course, we’re going to start with a mini storytime. I started my financial wholeness journey in 2015. I took Dave Ramsey’s class, financial peace. The course taught me how to budget and take control of my expenses. During the next four years, I paid off all of my credit cards, paid off my car, and started saving towards a house by moving in with my parents. Now, I understand some of this is a privilege. Not everyone has parents that will allow them to live rent-free while pursuing their financial goals. So, I’m incredibly grateful to my parents for giving me that chance to change my life and the lives of future generations.
Debt Freedom
In September of 2019, I bought my townhouse and immediately got into more credit card debt. I used most of my money for the house and down payment. It’s incredibly expensive to purchase a house. I was using more gas looking at houses, I had to pay for inspections and all sorts of fees I did not calculate into my budget, but by the grace of God, I was able to purchase my home and furnish it.
Then in March of 2020, I lost my job. Yes, at the start of the pandemic and about six months after purchasing a home. Thankfully, I was able to start a career with a higher salary in April. But I was scarred from losing my job and elected to stack my money and take the option to defer my mortgage while the pandemic persisted. After six months of not paying my mortgage, I was able to pay off my credit cards and fund my 6-month emergency fund. Now, was that a wise decision? I think so right now, but those payments moved to the end of my mortgage term so that I may be singing a different tune later. This pandemic and the sudden loss of so many people shifted my goal from financial freedom to financial wholeness. So, what does being financially whole mean?
Financially Whole
Well, financial freedom is not owing anyone and having complete control of all of my money. However, when I saw all of these people dying without life insurance, losing jobs with no savings, and unable to afford necessities without assistance, I decided to be financially whole. While it includes debt freedom, it also promotes savings account for emergencies, life insurance, a will, and health care directives, so my relatives know my wishes upon death and retirement investments.
All of this is important, especially for single folks. Because we are the only ones who have control over our affairs, we need to have contingencies in place, so should we perish, our families and friends won’t be scrambling to put together a Go Fund Me account. I want to take as much stress off of my family as possible. Letting them know what I want ahead of time will help ease the burden. I know this is not people’s favorite topic. But if the pandemic hasn’t taught us anything else, it’s that life is precious and tomorrow is not guaranteed. Young and old are leaving this earth every day, and we need to be prepared. It’s time to get our financial houses in order.
Uncomfortable Conversations
So, I got the term financially whole from Tiffany Aliche, the budgetnista. She explains it very well, so I encourage you to follow her as well. There is no reason why we can’t be financially whole. It’s an uncomfortable conversation, but how much stress and pain can we save if we have this conversation now? To all my people out there, especially my melanated brothers and sisters, get that will, life insurance, and health care directives now. You can continually update them if you change your mind. Find out how to avoid the probate process. We are a generation of entrepreneurs and wealth generators. We need to plan to pass that to the next generation so they can reap the full benefit.
In future posts, I’ll break down each aspect of financial wholeness and how to achieve it. Research the things I talked about, including debt freedom, and begin investing in your future. I love yall for real! Thank you for joining me for another post of Living Free Joyfully, and make sure to share, like, and subscribe!